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    Question

    Calculate the closing capital of an individual from the following information:

    ·       Initial capital in business – Rs.50000

    ·       Loan taken from relatives – Rs.5000

    ·       Profit for the year – Rs.10000

    ·       Drawings – Rs.9000

    A Rs.41000 Correct Answer Incorrect Answer
    B Rs.60000 Correct Answer Incorrect Answer
    C Rs.65000 Correct Answer Incorrect Answer
    D Rs.51000 Correct Answer Incorrect Answer
    E Rs.56000 Correct Answer Incorrect Answer

    Solution

    Closing capital = initial capital + profits – drawings                              = 50000 +10000 – 9000                              = Rs.51000

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